Refinancing Program Example - 30 Year Fixed Jumbo Refinance - February 4, 2007
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Mortgage Profile This mortgage example takes place on February 4, 2007. The mortgage applicant's name is Willie. This borrower wants to get a refinance on the property. Property Summary This property would be identified as a single family residence. The property is in Dallas, Texas. This property would be described as a rental property. The Loan Type This borrower's loan term in years is 30. The current credit middle score is 720. The documentation level for this mortgage will be full documentation. Today's current mortgage rates The mortgage rate for this new loan will be 6.38%. The mortgage's annual percentage rate is 6.47%. Loan Size The appraisal value of the property is $381,250. The property has a current mortgage of $244,000. The cash out from this refinance is approximately $61,000. The new loan will be for $305,000. The loan to value ratio on the property is 80%. Calculated Mortgage Payment Each month the mortgage payment will be $1,903. If this were an interest only loan the monthly payment would be $1,620. This is less than a regular monthly payment by $282. Articles: http://www.archerpacific.com/mortgage%20quick%20tips.html
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